(Yicai Global) Aug. 31 -- Chinese home appliance giant Midea Group logged twice as much profit as rival Gree Electric Appliances in the first half as its more diversified product line helped to shield it from the fallout from the Covid-19 pandemic.

Midea realized CNY13.9 billion (USD2 billion) in net profit in the six months to June 30, down 8.29 percent from the same period last year, while Gree, which is China’s biggest residential air conditioner maker, saw its net profit crash 53.73 percent to CNY6.4 billion, according to their recently released financial reports.

Air conditioner revenue accounted for just under 60 percent of Zhuhai-based Gree’s total revenue, down from 81 percent in the same period last year, while they made up 46 percent of sales at Foshan-based Midea. Gree earned CNY41.3 billion (USD6 billion) from air conditioner sales while Midea raked in CNY64 billion.

Gree blames the disruption brought about by the Covid-19 pandemic to production and sales in the air conditioning industry for its poor performance.

Unlike Gree, Midea is also a leading maker of washing machines and refrigerators with an established place in the mid- to high-end home appliance market.

The white goods industry as a whole saw profit drop 17.8 percent in the first half year-on-year to CNY44.2 billion, with revenue falling 15.3 percent to CNY626.5 billion.

Shares in the two firms were little moved by the news. Midea [SHE:000333] closed up marginally by 0.37 percent to CNY70.54 (USD10.29), while Gree [SHE:000651] closed down slightly by 0.98 percent to CNY54.50.

Midea’s stock has increased over 24 percent so far this year, while Gree has slid more than 14 percent.

Editor: Kim Taylor